Retirement Systems of Alabama Trims Holdings in Paramount Global (NASDAQ:PARA)

Retirement Systems of Alabama decreased its stake in shares of Paramount Global (NASDAQ:PARA) by 0.5% in the first quarter, HoldingsChannel reports. The institutional investor owned 177,846 shares of the company’s stock after selling 972 shares during the period. Retirement Systems of Alabama’s holdings in Paramount Global were worth $2,127,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Allworth Financial LP raised its holdings in shares of Paramount Global by 140.1% in the 4th quarter. Allworth Financial LP now owns 2,391 shares of the company’s stock valued at $25,000 after purchasing an additional 1,395 shares in the last quarter. Mattson Financial Services LLC purchased a new stake in shares of Paramount Global in the 4th quarter valued at $28,000. Ossiam boosted its holdings in shares of Paramount Global by 57.2% in the 4th quarter. Ossiam now owns 2,810 shares of the company’s stock valued at $29,000 after acquiring an additional 1,022 shares during the last quarter. Mountain Hill Investment Partners Corp. purchased a new stake in shares of Paramount Global in the 4th quarter valued at $31,000. Finally, Rakuten Securities Inc. lifted its stake in shares of Paramount Global by 187.8% in the 4th quarter. Rakuten Securities Inc. now owns 3,094 shares of the company’s stock valued at $32,000 after purchasing an additional 2,019 shares during the period. Institutional investors own 73.00% of the company’s stock.

Paramount Global Stock Up 0.1%

Shares of PARA opened at $12.22 on Thursday. The stock has a market capitalization of $8.24 billion, a PE ratio of -1.48, a P/E/G ratio of 3.69 and a beta of 1.19. Paramount Global has a 1 year low of $9.87 and a 1 year high of $12.54. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.18 and a current ratio of 1.29. The company’s 50-day simple moving average is $11.81 and its 200-day simple moving average is $11.32.

Paramount Global (NASDAQ:PARA) last issued its earnings results on Thursday, May 8th. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.02. Paramount Global had a negative net margin of 19.09% and a positive return on equity of 4.80%. The firm had revenue of $7.19 billion for the quarter, compared to analysts’ expectations of $7.14 billion. During the same quarter last year, the company earned $0.62 earnings per share. The firm’s revenue was down 6.4% compared to the same quarter last year. Analysts forecast that Paramount Global will post 1.77 earnings per share for the current fiscal year.

Paramount Global Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 16th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.64%. Paramount Global’s dividend payout ratio (DPR) is presently -2.43%.

Analysts Set New Price Targets

PARA has been the subject of several analyst reports. Needham & Company LLC reiterated a “hold” rating on shares of Paramount Global in a research note on Thursday, February 27th. Deutsche Bank Aktiengesellschaft cut shares of Paramount Global from a “buy” rating to a “hold” rating and set a $12.00 target price for the company. in a research report on Wednesday, April 2nd. Guggenheim reiterated a “buy” rating and issued a $14.00 target price on shares of Paramount Global in a research report on Thursday, February 27th. JPMorgan Chase & Co. dropped their price objective on shares of Paramount Global from $11.00 to $10.00 and set an “underweight” rating for the company in a report on Wednesday, May 21st. Finally, Benchmark dropped their price objective on shares of Paramount Global from $19.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, May 6th. Five equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $11.50.

Paramount Global Company Profile

Paramount Global operates as a media, streaming, and entertainment company worldwide. It operates through TV Media, Direct-to-Consumer, and Filmed Entertainment segments. The TV Media segment operates CBS Television Network, a domestic broadcast television network; CBS Stations, a television station; and international free-to-air networks comprising Network 10, Channel 5, Telefe, and Chilevisión; domestic premium and basic cable networks, such as Paramount+ with Showtime, MTV, Comedy Central, Paramount Network, The Smithsonian Channel, Nickelodeon, BET Media Group, and CBS Sports Network; and international extensions of these brands.